Chevron (NYSE:CVX) Trading 0.6% Higher – Here’s What Happened

Shares of Chevron Co. (NYSE:CVX) shot up 0.6% during trading on Thursday . The stock traded as high as $158.74 and last traded at $158.16. 2,095,607 shares traded hands during trading, a decline of 71% from the average session volume of 7,259,462 shares. The stock had previously closed at $157.23.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on CVX shares. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $175.00 target price on shares of Chevron in a report on Monday, February 3rd. DZ Bank upgraded shares of Chevron from a “hold” rating to a “buy” rating and set a $170.00 price objective for the company in a report on Tuesday, November 5th. Truist Financial cut their target price on Chevron from $164.00 to $160.00 and set a “hold” rating on the stock in a research note on Tuesday, February 4th. Citigroup raised Chevron from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $145.00 to $185.00 in a report on Tuesday, November 26th. Finally, Wells Fargo & Company lowered their price target on Chevron from $188.00 to $184.00 and set an “overweight” rating on the stock in a report on Monday, February 3rd. Four equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $174.13.

Chevron Price Performance

The company has a market capitalization of $282.00 billion, a P/E ratio of 16.14, a price-to-earnings-growth ratio of 1.46 and a beta of 1.11. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.07 and a quick ratio of 0.80. The firm’s 50-day moving average is $151.97 and its 200-day moving average is $150.99.

Chevron (NYSE:CVX) last issued its quarterly earnings data on Friday, January 31st. The oil and gas company reported $2.06 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.42 by ($0.36). Chevron had a net margin of 8.71% and a return on equity of 11.44%. During the same quarter in the prior year, the company posted $3.45 EPS. Analysts predict that Chevron Co. will post 10.79 EPS for the current fiscal year.

Chevron Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, March 10th. Shareholders of record on Friday, February 14th will be given a $1.71 dividend. This is a boost from Chevron’s previous quarterly dividend of $1.63. The ex-dividend date is Friday, February 14th. This represents a $6.84 dividend on an annualized basis and a yield of 4.36%. Chevron’s dividend payout ratio is presently 70.37%.

Insider Activity

In other news, VP Jeff B. Gustavson sold 9,325 shares of the stock in a transaction on Friday, February 7th. The shares were sold at an average price of $152.50, for a total value of $1,422,062.50. Following the completion of the sale, the vice president now directly owns 1,057 shares of the company’s stock, valued at $161,192.50. This represents a 89.82 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 0.20% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of CVX. Ascent Group LLC grew its position in shares of Chevron by 5.5% during the fourth quarter. Ascent Group LLC now owns 31,552 shares of the oil and gas company’s stock worth $4,570,000 after purchasing an additional 1,659 shares in the last quarter. Putney Financial Group LLC purchased a new stake in Chevron during the 4th quarter valued at approximately $383,000. Aurdan Capital Management LLC purchased a new stake in Chevron during the 4th quarter valued at approximately $5,164,000. Vermillion Wealth Management Inc. bought a new stake in shares of Chevron during the fourth quarter valued at approximately $337,000. Finally, Forum Financial Management LP boosted its position in shares of Chevron by 12.8% during the fourth quarter. Forum Financial Management LP now owns 36,561 shares of the oil and gas company’s stock worth $5,296,000 after acquiring an additional 4,160 shares during the last quarter. Institutional investors own 72.42% of the company’s stock.

About Chevron

Chevron Corporation, through its subsidiaries, engages in the integrated energy and chemicals operations in the United States and internationally. The company operates in two segments, Upstream and Downstream. The Upstream segment is involved in the exploration, development, production, and transportation of crude oil and natural gas; processing, liquefaction, transportation, and regasification of liquefied natural gas; transportation of crude oil through pipelines; transportation, storage, and marketing of natural gas; and carbon capture and storage, as well as a gas-to-liquids plant.